Chrysler partnership paying off for Santander

In its first report since coming public, Santander Consumer USA (SC +1.4%) shows Q1 core net income of $157.3M or $0.44 per share, up from $113.9M and $0.33 last quarter. Core ROE of 22.4%, core ROA of 2.3%. Board declares quarterly dividend of $0.15 per share, equating to a 2.6% annualized yield.

Origination volume of over $6.9B of consumer loans and leases includes fast action from the Chrysler partnership, with over $3.5B in loans and $1.2B in leases.

The Chrysler deal also means a shift to higher credit quality clients, bringing average APR on Q1 originations to 13.7% vs. 17.4% for all of 2013.

Net interest income of $1B is up 43% from 2013 Q1. Loan loss provision of $699M vs. $217M a year ago. Portfolio size is 51% larger.

Core operating expenses of $199M up 33%. Core efficiency ratio of 16.9% vs. 18.4%.

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